Location Based Entertainment Market Valuation to Hit $11.8 Billion by 2028

The location
based entertainment market size is projected to grow from USD 3.5 billion
in 2023 to USD 11.8 billion by 2028, at a CAGR of 27.3% during the forecast
period. With the growing advancements in virtual reality (VR) and augmented
reality (AR) technologies, VR gaming, the increasing demand for social and
shared experiences and integration of artificial intelligence (AI) and machine
learning (ML) technologies has led to growth of the location based
entertainment market.

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By technology, the augmented reality segment is expected to
have the largest market share during the forecast period.

AR technology has the potential to revolutionize location
based entertainment experiences by providing users with a level of immersion
and interactivity that is not feasible in traditional entertainment. To create
an augmented reality (AR) experience in a location based entertainment setting,
several technical components are necessary. These include an AR headset or
mobile device equipped with a camera, sensors, and a display to view the AR
content, AR software that uses 3D modeling, animation, and computer vision
algorithms to detect and track real-world objects and content that is rendered
and overlaid onto the real-world environment in real-time. As AR technology
advances, we can expect even more innovative uses of it in location based
entertainment settings.

By offerings, the hardware segment is expected to grow with
the highest CAGR during the forecast period.

By investing in high-quality hardware, location based
entertainment operators can create experiences that are both memorable and
profitable. Using hardware like VR/AR headsets, it can transport visitors to
virtual worlds, while motion platforms can simulate realistic movement
sensations, such as a rollercoaster ride or a flight. Interactive screens can
create engaging displays that respond to visitor movements and gestures, while
projection mapping can transform physical spaces into interactive environments.
Additionally, high-quality audio equipment can provide visitors with a
360-degree sound experience, making them feel like they are part of the action.

By venue, the arcades segment is expected to grow with the
highest CAGR during the forecast period.

Arcades are a form of location based entertainment that has
been popular for decades and typically offer a range of electronic games and
machines. The Arcades are an example of location based entertainment, where
visitors can enjoy a variety of electronic games that often incorporate
technology, including motion controls, augmented reality, and virtual reality.
One of the unique features of arcades as location based entertainment is their
focus on social interaction. As technology continues to develop, we can expect
to see even more innovative uses of location based entertainment software and
hardware in arcades and other location based entertainment settings.

Based on region, the North America segment is expected to
have the largest market share during the forecast period.

The location-based entertainment industry in North America is
experiencing strong growth and includes various sectors such as amusement
parks, family entertainment centers, arcades, and virtual reality experiences.
North America has witnessed progressive and dynamic adoption of new and
immersive technologies like augmented reality (AR), virtual reality (VR) and
mixed reality (MR). As VR and AR technologies continue to improve and become
more affordable, more location based entertainment operators are likely to
adopt them, which will help to drive growth in the market. The industry is
expected to continue growing in the coming years, with more investment in new
technologies and attractions to capture consumer interest and offer innovative
experiences.

Market Players

The major players in the location based entertainment market
are Google (US), Meta (US), Microsoft (US), Nvidia (US), Unity Technologies
(US), Sony Interactive Entertainment (US), Samsung (South Korea), Barco
Electronic Systems (Belgium), Panasonic (Japan), Huawei Technologies (China),
HQ Software (Estonia), HTC Vive (Taiwan), Niantic Inc. (US), Vicon Motion
Systems (UK), Optitrack (US), Springboard VR (US), 4Experience (Poland),
Hologate (Germany), Ultraleap (UK), Magic Leap (US), Shape Immersive (Canada),
Camon (Argentina), KatVR (US), Virtuix (US), Pico XR (US). These players have
adopted various growth strategies, such as partnerships, agreements and
collaborations, new product launches and product enhancements, and acquisitions
to expand their footprint in the location based entertainment market.

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